Yes Bank Q4 Results: Net profit jumps 123% Y-o-Y to ₹452 crore, NIMs steady at 2.4%; asset quality improves

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Yes Bank Q4 Results: Indian Private lender YES Bank posted a significant increase in net profit by 123 per cent on April 27, as opposed to analysts' expectations for the fourth quarter (Q4) of FY24. The bank's net profit surged 123.2 per cent year-on-year (Y-o-Y) to ₹452 crore, compared to ₹202.4 crore in Q4FY23. This growth momentum continued from the previous quarter, with a 95.2 per cent increase sequentially (Q-o-Q). The bank saw a robust growth in non-interest income across various fee streams, with a 56.3 per cent Y-o-Y and 31.3 per cent Q-o-Q increase in Q4FY24.

Non-interest income for FY24 also grew by 38.8 per cent Y-o-Y. Prashant Kumar, Managing Director and CEO, YES BANK said, “This quarter demonstrates a significant step in the RoA expansion journey, with Q4FY24 RoA expanding to 0.5 per cent. This is despite the one-off gains from tax refunds, SR recoveries and ARC Sale, being prudently utilized for strengthening the Asset Quality metrics- for instance, the NNPA + Net Carrying value of SRs have more than halved over the course of the year to 1.1 per cent from 2.4 per cent in FY23.

“Moreover, we continue to witness strong momentum in our liability franchise with growth in Deposits expanding to over 20 per cent Y-o-Y for first time in last 8 quarters. Importantly, despite thechallenging environment during the course of the year, our CASA ratio has expanded 10 bps Y-o-Y to 30.9 per cent," he further added. “As the Bank embarks on the fifth year of this new journey, we remain focused on diligently executing the RoA expansion roadmap," the CEO said.